Global Industrial market was valued at US$ 23.29 Billion in 2016, according to Global Offshore Wind Market Report by Location (Deep-water (depth >60 m), Transitional Water (depth 30-60 m), and Shallow water (depth < 30 m)), by Component (Substructure, Turbine, Electrical Infrastructure, and Others), published by Coherent Market Insights. The offshore wind market is expected to register a CAGR of 15.8% over the forecast period (2017 - 2025) to reach US$ 86.69 billion by 2025.

The major divers propelling the growth of this market include increased demand for electrical energy and increased awareness about the new technologies in the renewable sources of energy. According to the U.S Energy Information Administration, the world energy consumption between the years 2012 to 2040 is expected to grow by 48%. Also in the U.S, out of the total electric energy generation from all sources, around 15% electricity was generated through the renewable sources of energy in 2016.

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On the basis of location, shallow water segment dominated the global offshore wind market, due to the major development of the shallow water offshore wind projects being cost-effective and depends on the weather conditions. The deep water turbines installation and maintenance cost is high compare to shallow water. Favorable weather condition is one of the major factors affecting the choice of location, such as in Europe shallow water wind turbines are most lucrative.

On the basis of the component, turbine segment dominates the global offshore wind market. Due to advancement in technology, manufacturers are increasing and improving the turbine size, as larger the wind turbine would be, more energy it produces when it rotates. Therefore, energy companies are upgrading the turbines to fulfill the energy demands.

Key Takeaways of the Market:

Europe led the offshore wind market in 2016 and is expected to lead the market over the forecast period. The market was valued at US$ 13.27 billion in 2016 and the region is projected to witness a CAGR of 12.9% in terms of revenue during the forecast period 2017 - 2025. In Europe, energy grid offshore wind turbine power generation is increasing with a capacity of over 3000 MW, which was built in Europe in 2015. According to the European Wind Energy Association estimation, around 26 gigawatts (GW) of new capacity could be built in the near future. The U.K contributes roughly 46% current offshore market capacity, followed by Germany (30%) and Denmark (12%).

Asia Pacific is the fastest growing region for offshore wind market. The Asia Pacific offshore wind market is expected to register a CAGR of 18.4% over the forecast period (2017 - 2025) to reach US$ 28.03 billion by 2025. China is leading economy in the offshore wind development with the installation of 1.6 GW of new capacity at the end of 2016. China, followed by Taiwan, Japan, and South Korea are the major economies for developing of new offshore wind projects.

North America is the emerging in offshore wind market in 2016 and the region is projected to witness a CAGR of 19.4% in terms of revenue during the forecast period 2017 - 2025. According to the U.S Department of Energy in U.S, up to US$ 50 billion would be saved from the global damage of greenhouse gases by introducing offshore wind projects.

Some of the major companies in the global Offshore Wind market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.